Americans increasingly adopting changes to curb debt

Household debt levels have reached their lowest point since 2008, according to the Federal Reserve. This trend has resulted from a variety of adjustments consumers have made to their finances, the USA Today reports.

One of the biggest changes is that Americans are putting more money away, as the newspaper reports the personal savings rate was 5 percent in July, four times higher than the rate in 2005.

Another reason for the postive changes is homeowners shortening the mortgage period on their loans. According to Freddie Mac, an increasing number of borrowers are switching the amortization period on their mortgages from 30 years to 20 or 15.

Finally, credit card users aren't holding the same kind of debt levels they once were, according to statistics from First Data, a payment processing company. Silvio Tavares, vice president of the processing firm, told the newspaper consumers appear to be using these accounts more often for convenience shopping rather than for high-priced items.

Even if consumers use their cards more responsibly, bad credit can result if they're charged for things they didn't purchase. A credit repair organization may be able to assist consumers in these matters so that a credit solution can be determined.